8/9 Recap. Nothing Matters Until CPI.

Some really unusual energy trades today.....

Tomorrow morning we get CPI figures and the market will panic or rejoice. Today was just lightening up by some before those figures, the nasdaq was down but many big names were flat or green. The VIX is still really low and there really isn’t much “fear” out there. Most are looking for inflation to decline, so an increase would be a big shock to many and we’d likely sell off hard. I’d like to point out that the bearish wedge I pointed out on the SPY the last couple days finally broke down and closed below today.